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Major currencies fluctuate during the U.S budget talks

Publish Date28/12/2012 05:06:31 PM

Last Update28/12/2012 05:13:22 PM

The Dollar Index reached its highest levels in two weeks on Friday, prior the result of President Obama’s meeting with Congressional leaders on the fiscal cliff, as they aim for an agreement to avoid the automatic tax hikes and spending cuts before the end of this year.

The U.S dollar’s value fluctuated against the basket of major currencies, as it affected by fears of going into the automatic tax rises and spending cuts, which threatens to force the world’s largest economy back into recession.

The Dollar Index tracks the performance of the U.S dollar against a basket of other major currencies, such as the Euro, Yen, and the Pound Sterling; the index reached a two week high of 79.93 today, and trading around its opening levels at 79.64, while it reached a low of 79.59.

The Eurozone currency, the Euro, rebounded from its lowest levels today at 1.3165 to currently trade around its opening level at 1.3235, while it reached a high of 1.3255.

As for the Japanese Yen, it regained momentum against the U.S dollar, after the pair reached a high of 86.62, and now trading around 86.07, noting that the pair hit a low of 85.94.

Moreover, the pair that consists of the British pound Sterling and the U.S dollar opened today at 1.6096, and trading around 1.6153, after reaching a high of 1.6161, and a low of 1.6077.

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